2. RWA + Tokenized stocks truly entering the "composability" stage on-chain is still in its early days—on-chain RWA (government bonds, invoices, real estate shares, etc.) are basically "single-player games"—buy and hold to earn interest, with poor liquidity. Now, once Robinhood tokenizes US stocks/ETFs with self-custody and integrates with DeFi, it directly opens up the possibility of using stocks as underlying collateral. Imagine: using an AAPL token to borrow USDC on Morpho/Aave; providing liquidity with a TSLA token to earn fees; bridging across chains to other ecosystems for more complex strategies—this is the real "financial on-chain" moment, not just slogans. Once liquidity picks up, the ceiling for the RWA track will be an order of magnitude higher than now. Robinhood's move is too clever—using a familiar interface to bring hundreds of millions of newcomers onto the chain, capturing their minds outright.